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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Describe the three major business activities in organizations.AppendixLO1
Explain why investing (assets) and financing (liabilities and equity) totals are always equal.AppendixLO1
Refer to the financial statements of Best Buy in Appendix A near the end of the book. To what level of significance are dollar amounts rounded? What time period does its income statement
Identify the dollar amounts of Circuit City’s 2005 assets, liabilities, and equity shown in its statements in Appendix A near the end of the book.AppendixLO1
Access the SEC EDGAR database (www.SEC.gov) and retrieve Apple’s 2004 10-K (filed 12-03-2004). Identify its auditor. What responsibility does its independent auditor claim regarding Apple’s
(a) Identify the meaning of these accounting-related acronyms: GAAP, SEC, FASB and IASB. (b) Briefly explain the importance of the knowledge base or organization that is referred to for each of the
Identify the following users as either external users (E) or internal users (I).a. Customersd. Business press g. Shareholders j. FBI and IRSb. Supplierse. Managers h. Lenders k. Consumer groupc.
An important responsibility of many accounting professionals is to design and implement internal control procedures for organizations. Explain the purpose of internal control procedures. Provide two
Identify at least three main areas of opportunities for accounting professionals. For each area, identify at least three job possibilities linked to accounting.AppendixLO1
Accounting professionals must sometimes choose between two or more acceptable methods of accounting for business transactions and events. Explain why these situations can involve difficult matters of
a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities?b. Total assets of Martin Marine equal $500,000 and its liabilities and equity
Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).Company Assets Liabilities Equity 1 $75,000 _$_ __(a_)__ $40,000 2 _$___(b_)__ $25,000 $70,000 3
Use Apple’s September 25, 2004, financial statements, in Appendix A near the end of the book, to answer the following:a. Identify the dollar amounts of Apple’s 2004 (1) assets, (2) liabilities,
Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of retained earnings (E), or statement of cash flows (CF).a. Assetsd.
In a recent year’s financial statements, Home Depot reported the following results. Compute and interpret Home Depot’s return on assets (assume competitors average a 12% return on assets).Sales .
Many accounting professionals work in one of the following three areas:A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area of accounting that is most involved in each
Match each of the numbered descriptions with the principle it best reflects. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description.A.
Match each of the numbered descriptions with the term or phrase it best reflects. Indicate your answer by writing the letter for the term or phrase in the blank provided.A. Audit C. Ethics E. SEC G.
Determine the missing amount from each of the separate situationsa, b, and c below.Assets Liabilities Equitya. ? $20,000 $45,000b. $100,000 $34,000 ?c. $154,000 ? $40,000.
Zen began a new consulting firm on January 5. The accounting equation showed the following balances after each of the company’s first five transactions. Analyze the accounting equation for each
Answer the following questions. (Hint: Use the accounting equation.)a. Cadence Office Supplies has assets equal to $123,000 and liabilities equal to $47,000 at year-end.What is the total equity for
Leora Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions:a. Owner invested
The following table shows the effects of five transactions (a throughe) on the assets, liabilities, and equity of Trista’s Boutique. Write short descriptions of the probable nature of each
On October 1, Keisha King organized Real Answers a new consulting firm. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income
Use the information in Exercise 1-13 to prepare an October statement of retained earnings for Real Answers.AppendixLO1
Use the information in Exercise 1-13 (if completed, you can also use your solution to Exercise 1-14) to prepare an October 31 balance sheet for Real Answers.AppendixLO1
Use the information in Exercise 1-13 to prepare an October 31 statement of cash flows for Real Answers.Also assume the following:a. The owner’s initial investment consists of $38,000 cash and
Indicate the section where each of the following would appear on the statement of cash flows.O. Cash flows from operating activity I. Cash flows from investing activity F. Cash flows from financing
Swiss Group reports net income of $40,000 for 2007. At the beginning of 2007, Swiss Group had$200,000 in assets. By the end of 2007, assets had grown to $300,000. What is Swiss Group’s 2007 return
Match each transaction or event to one of the following activities of an organization: financing activities(F), investing activities (I), or operating activities (O).a. An owner contributes resources
The following financial statement information is from five separate companies:Company Company Company Company Company A B C D E December 31, 2006:Assets . . . . . . . . . . . . . . . . $55,000
Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity.
The following is selected financial information for Elko Energy Company for the year ended December 31, 2007: revenues, $55,000; expenses, $40,000; net income, $15,000.Required Prepare the 2007
The following is selected financial information for Amity Company as of December 31, 2007: liabilities,$44,000; equity, $46,000; assets, $90,000.Required Prepare the balance sheet for Amity Company
Following is selected financial information of ABM Co. for the year ended December 31, 2007:Cash used by investing activities . . . . . . . . $(2,000)Net increase in cash . . . . . . . . . . . . . .
Following is selected financial information for Kasio Co. for the year ended December 31, 2007:Retained earnings, Dec. 31, 2007 . . . . . . . $14,000 Cash dividends . . . . . . . . . . . . . . . . .
Holden Graham started The Graham Co., a new business that began operations on May 1. Graham Co.completed the following transactions during that first month:May 1 H. Graham invested $40,000 cash in
Helga Anderson started a new business and completed these transactions during December:Dec. 1 Helga Anderson transferred $65,000 cash from a personal savings account to a checking account in the name
What types of assets does a company include in its property, plant, and equipment, and how does the company compute its historical costs? lop1
Why does a company depreciate its property, plant, and equipment, and what are the causes of depreciation? lop1
How does a company calculate its depreciation expense, and why does it compute depreciation expense differently for financial reporting than for income taxes? lop1
How does a company evaluate the impairment of its property, plant, and equipment? lop1
How does a company record and report the disposal of property, plant, and equipment? lop1
How do external users evaluate information about a company's property, plant, and equipment? lop1
What are intangible assets and natural resource assets, and what does a company report about them? lop1
Hershey Foods’ $1.6 billion in property, plant, and equipment is almost 165 times= greater than Rocky Mountain Chocolate’s $9.7 million. Can we conclude that Hershey manufactures about 165 times
Do you agree with Jennifer’s decisions? Was she consistent in her approach to valuing the assets? Why or why not? Did you have valuation problems similar to Jennifer’s? Do you think that a
Which accounts would be affected, and how would they be affected, if a company records its property, plant, and equipment at more than the company paid for them? lop1
To whom might the market value be relevant? lop1
Whose side do you take on this discussion—the supporters or the critics of the historical cost concept? Explain your position. lop1
Do you think that this principle is the same as the one that we discussed in Chapter 19 for recording inventory? Why or why not? lop1
Assume you are starting a typing service in your home. You purchase new computer= equipment and supplies to start the company. Listed below are the types of costs you incurred while setting up the
Think about the assets you own.What would be the primary cause for each type of asset to depreciate? lop1
Think of an asset you own. Identify the residual values and service lives that you could select.Would other people with the same asset use the same amounts? lop1
Can you think of an asset for which accelerated depreciation is appropriate?Explain why. lop1
If a company purchases a used asset, do you think it starts with a balance in Accumulated Depreciation? Why or why not? lop1
During the first year of the blending machine's useful life, would the straight-line method or the double-declining-balance method cause Unlimited Decadence to report the higher net income? the
If you were a manager for Unlimited Decadence, which depreciation method would you choose? Why? lop1
If the total depreciation for both methods is the same over the life of the asset, why do managers consider the use of MACRS to be advantageous? lop1
Do you think you pay less when you purchase a car because the car manufacturer uses MACRS for its income taxes? lop1
If you own a car, which of your costs would you classify as capital expenditures? operating expenditures? lop1
Explain which of the two errors may be more likely to occur. lop1
Why does each of the examples indicate that the company may not be able to gener- ate net cash inflows that equal or exceed the book value of the asset? lop1
Is the impairment of property, plant, and equipment similar to the lower-of-cost-ormarket method for inventory? Why or why not? lop1
Do you think that the reporting of impairment losses creates both relevant and reliable information? Why, or why not? lop1
If Unlimited Decadence sold the equipment for $800 instead, how would you record the sale? lop1
Examine PepsiCo’s disclosures. Find where it makes each required disclosure. What‘© &. other important information did PepsiCo disclose? Why do you think PepsiCo made] — these disclosures?
Analyze Exhibit 21-9. Can you explain each item included in Intel’s Property, Plant, and Equipment and Accumulated Depreciation T-accounts?Study these two bar graphs.What information, in addition
Describe a situation in which a company’s financial statements indicate that the company may have a problem maintaining operating capability. Specifically, what trends in property, plant, and
Can you think of industries where you would expect the revenue-per-employee ratio and the gross-fixed-assets-per-employee ratio to be much lower than Intel's? Which ones? Why? Can you think of one
Why do you think the two manufacturing industries have such different ratios from those of the retail grocery stores and advertising agencies industries? lop1
Can you think of another reason why Intel’s ratio may be lower than the industry average? lop1
Do you think that General Motors, Ford, and DaimlerChrysler would have the same ratios if they were equally efficient? Why or why not?lop1
Compute the estimated average age and average life of General Mills’ property, plant, and equipment using the information in Appendix C. lop1
Study Exhibit 21-13.What does this information tell you about Rocky Mountain’s activities related to property, plant, and equipment? How would you use the information? lop1
In Exhibit 12-12, why do you think that Unlimited Decadence doesn’t show any intangible assets on its balance sheet? lop1
Usually, increases in a company’s expenses are viewed negatively because they reduce net income. Do you think this is true for R&D costs? Why or why not? lop1
Ifa company develops its own invention, it does not show the costs of development as an asset on its balance sheet. However, if a company purchases a patent from another company, it shows the entire
Are you allowed to make copies of this book and sell them to your friends? Why or why not? lop1
What kinds of services do you think that McDonald's provides to its franchisees? lop1
Do you consider the cost of your education to be an asset or an expense? Why? lop1
Can you think of a company whose total market value exceeds the market value of its net assets because of each of the above “intangible” items? What factors do you think could affect the lives of
What does a company include in its property, plant, and equipment? lop1
At what amount does a company report each of its property, plant, and equipment assets? lop1
Explain the difference between depreciation expense and accumulated depreciation.What is the book value of an asset? lop1
What costs does a company include in the total cost of a machine it acquires? lop1
Why does a company depreciate a building? lop1
Explain what is meant by the (a) physical causes and (b) functional causes of depreciation. lop1
Identify the three factors involved in the calculation of depreciation. lop1
What do we mean when we say that depreciation expense is matched against revenue in a “systematic and rational” manner? lop1
Explain how a company computes straight-line depreciation expense. lop1
Explain how a company computes double-declining-balance depreciation expense. lop1
Identify the three ways in which MACRS depreciation for income taxes is different from GAAP depreciation. lop1
What is a capital expenditure, and how is it accounted for? What is an operating expenditure, and how it is accounted for?21-13. When is an asset impaired, and how does a company compute the amount
How does a company account for the disposal of a machine that it has been using in its operations?
Explain how a company accounts for the trade-in of a used asset for a new asset. lop1
What items of information does GAAP require that a company disclose about its property, plant, and equipment? How does a company report its property, plant, and equipment transactions on its cash
What are intangible assets? Give three examples. lop1
What are research and development, and how does a company record its research and development costs? lop1
Explain the difference between a patent, a copyright, and a trademark or tradename. lop1

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